A fastidious approach to workmanship, a good builder and choosing high-end fittings are the three factors that helped push The Block’s wining apartment into the $1.91 million territory, earning renovators Simon and Shannon Voss a tidy profit as well according to celebrity auctioneer Damien Cooley.
Speaking exclusively to Real Estate Business, auctioneer Damien Cooley said the fact Simon and Shannon’s property was up for auction as one of the first was part of the strategy he and ‘the boys’ had put into place. Mr Cooley said keeping the bidding in $50,000 increments helped the auction immensely.
“There’s no question the boys had an outstanding apartment and did an incredible job renovating it and the buyers who saw quality were attracted to this and it was south facing,” Mr Cooley said.
“$1.9 million is a huge sale and the strategy we had in place was to not get bombarded with bids so we kept bidding at 50k increments was the winning strategy because once we were at $1.7 million it only took 4 bids to reach $1.9 million.
“At that price a lot of buyers are attracted to good investments and also investors are looking for depreciation benefit. The good thing in any series is from a tax perspective and investors like buying a brand new fully furnished properties. The person that bought this was an investor hoping to move into it one day.”
Mr Cooley said the biggest difference in the auction this year was there wasn’t the depth of buyers across all submissions and being the first auction of the day helped maximised the sale price.
“The person who bought ours (Simon and Shannon) was previously an underbidder at another Block auction,” Mr Cooley said, adding Aussies looking to buy and renovate similar properties is the most important thing is to buy, and what you pay for it will determine the best results.”
Brothers Simon and Shannon Voss won The Block’s ‘Glasshouse’ series last Sunday night. The Glasshouse was a 12-week reality TV series that featured five couples in the throes of converting an office block in east Melbourne into five luxury three-bedroom apartments.
Shannon and Simon Voss sold their apartment for $1.9 million, $335,000 in profit, wining prize of $100,000.
Chris and Jenna Susetio sold their apartment for $1.81 million, $310,000 profit
Maxine Stokes and Karstan Smith sold their apartment for $1.71 million, $40,000 profit
Michael and Carlene Duffy sold their apartment for $1.39 million, $10,000 profit
Deanne and Darren Jolly sold their apartment for $1.38 million, $10,000 profit.